How to make a journal entry of the following: a. 10/02/20xx - Owner paid for a new
Question:
How to make a journal entry of the following:
a. 10/02/20xx - Owner paid for a new vehicle with her own capital. This has increased the company assets with a capital contribution. $18,000 including GST.
b. 13/02/20xx - $72 including GST has been deposited directly into the business bank account for website sales.
c. 15/02/20xx - Cash takings are banked from cash sales in the retail store - $1,320 including GST.
d. 15/02/20xx - $500 wages paid from the business bank account to staff member John, as he requested an advance. (Ignore PAYG or Superannuation considerations as these will be adjusted later.)
e. 17/02/20xx - Owner paid $260 for personal items out of the business bank account (Drawings). No GST can be claimed for personal spending.
f. 20/02/20xx - You order and pay for staff uniforms and an invoice is received with a zero-balance owing. $925 including GST paid from the business bank account.
